From Staff Reports The leadership crisis at Citigroup Inc. (C) finally reached climax proportions late yesterday (Sunday) after the bank announced that embattled Chief Executive Officer Charles O. "Chuck" Prince III would retire. Former Treasury Secretary Robert E. Rubin – chairman of the executive committee and a member of the board of directors – will […]
Archives for November 2007
November 2007 - Page 12 of 13 - Money Morning - Only the News You Can Profit From
Uncertainty Continues to Plague U.S. Financial Markets
By William Patalon III Managing Editor Money Morning Back in early October, after global banking giants Citigroup Inc. (C) and UBS AG (UBS) both announced massive write-downs, housing stocks soared and the Dow Jones Industrial Average rocketed to a record high over 14,000. Investors concluded that the global credit crunch had been fully “defined,” meaning […]
Investors Bolt From Citigroup in Light of Suggested Dividend Cut or Asset Sale
By Mike Caggeso Associate Editor Either way you slice it, Citigroup Inc. (C) is in for a world of pain. Facing a possible $30 billion capital shortfall, the company may be forced to cut its dividend or sell assets, said banking analysts Meredith A. Whitney and Carla Krawiec of CIBC World Markets, in a report […]
Five Ways to Profit as the U.S. Dollar Turns Into the "Bernanke Peso"
By Martin Hutchinson Director of Global Investing Research As expected, U.S. Federal Reserve Chairman Ben S. Bernanke cut the Federal Funds Rate by another quarter point Wednesday, taking that benchmark lending rate down to 4.5%. The European euro immediately soared towards $1.50, oil topped $96 a barrel, gold exceeded $800, and the once-proud U.S. dollar […]
Crude Oil Bull Could Bring About a Global Bear
By Jason Simpkins Associate Editor Crude oil for December delivery rose to a record $96.24 a barrel on the New York Mercantile Exchange yesterday (Thursday), making it a near-certainty that crude prices will smash through the psychologically important $100 a barrel level even sooner than analysts had feared. In a related story yesterday, oil industry […]
Global Investing Roundup
China Fires Raises Fuel Prices; Credit Suisse Suffers Losses; Tele Norte Takes Off; AstraZeneca Takes A Profit Hit In a move that came as a surprise to many, and a relief to oil refiners in the nation, the Chinese government raised the selling price for gasoline and diesel fuel by 10%. They hope the price […]
Boeing Announces $7 Billion Stock Buyback, Declares Dividend
By William Patalon IIIManaging EditorMoney Morning The Boeing Co. (BA), the world's No. 1 producer of commercial airliners, said it will buy back as much as $7 billion of its common stock, the latest leg of a share-repurchase program under which the aerospace company has bought back $8 billion worth of its shares since the […]
Garmin Beats Earnings Estimates, Launches $3.31 Billion Hostile Bid for Tele Atlas; Shares Plunge
By William Patalon III Managing Editor Money Morning The seesaw ride continues for shareholders of navigation-device heavyweight Garmin Ltd., (GRMN). The George Town, Cayman Islands-based company yesterday (Wednesday) announced that soaring sales sent its third-quarter profits rocketing 57% – easily eclipsing Wall Street forecasts. But the company's shares plunged $13.08 each – or nearly 11% […]
Global Investing Roundup
Mapfre Buys Commerce Group; Deutsche Bank Outperform Estimates; Semiconductor Manufacturing International Reports 3Q Loss and Forecasts a 4Q Loss; Splenda Maker Posts Sour Earnings; Petrobras Ordered by Court to Pipes Running Mapfre SA, Spain's largest insurer, announced yesterday (Wednesday) that it is buying U.S. insurer Commerce Group, Inc. (CGI). The purchase of the Massachusetts-based insurer […]
Third-Quarter Earnings Seesawed By Commodity Spikes, Credit Woes, International Growth
By Mike Caggeso Associate Editor When Caterpillar Inc. (CAT) reported its third-quarter financial results earlier this month, the heavy-equipment giant was able to report record sales and profits – despite an 11% plunge in its U.S. revenue. Its knight in black-and-yellow armor: Soaring overseas sales. "The industries we serve are becoming increasingly global, and the […]